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Saudi Arabia

June 18, 2010

When the State-owned investment holding company Dubai World asked for an extension on debt repayments last year, it caused major global stock markets to fall as investors worried about the health of the Middle East’s economy, writes Richard Hemming.

When the State-owned investment holding company Dubai World asked for an extension on debt repayments last year, it caused major global stock markets to fall as investors worried about the health of the Middle East's economy, writes Richard Hemming.

Underlining the panic was the fact that the region as a whole is heavily weighted towards financial services companies, which represent about 50% of the local stock market indexes.

June 18, 2010

International law firm Trowers & Hamlins announced yesterday it has filed a £720 million foreign exchange claim against the troubled family-owned conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB).

International law firm Trowers & Hamlins announced yesterday it has filed a £720 million foreign exchange claim against the troubled family-owned conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB).

May 12, 2010

US congressman Peter King yesterday urged the Department of Justice to investigate the relationship between US banks and two Saudi-based, family-owned conglomerates; Saad Group and Ahamad Hamad Algosaibi and Brothers (AHAB)

US congressman Peter King yesterday urged the Department of Justice to investigate the relationship between US banks and two Saudi-based, family-owned conglomerates; Saad Group and Ahamad Hamad Algosaibi and Brothers (AHAB).

March 5, 2010

Family-controlled Huntsman Corp and the family-owned conglomerate Zamil Group have begun production at their joint venture plant in Saudi Arabia.

Family-controlled Huntsman Corp and the family-owned conglomerate Zamil Group have begun production at their joint venture plant in Saudi Arabia.
 

November 25, 2009

The British Banking Association (BAA) has criticised the Saudi authorities’ handling of the ongoing dispute between family-run conglomerates Saad Group and Ahmad Hamad Algosaibi and Brothers (AHAB).

The British Banking Association (BAA) has criticised the Saudi authorities' handling of the ongoing dispute between family-run conglomerates Saad Group and Ahmad Hamad Algosaibi and Brothers (AHAB).  

In a letter to the UK business minister Lord Davies, the BAA said the dispute is "doing enormous damage to the reputation of Saudi Arabia as a whole. What appears to have started as a family dispute is now bringing the whole business sector and Saudi system of corporate governance into disrepute."
 

September 24, 2009

Family-run Saad Group and its billionaire owner Maan Al-Sanea are facing further questions about the group’s financial activities from a new lawsuit filed against the group and Al-Sanea by the Al Ahil Bank of Kuwait (ABK).

Family-run Saad Group and its billionaire owner Maan Al-Sanea are facing further questions about the group's financial activities from a new lawsuit filed against the group and Al-Sanea by the Al Ahil Bank of Kuwait (ABK).
 

August 27, 2009

Zamil Group is one of Saudi Arabia’s most successful family businesses. Second-generation Khalid Al-Zamil, managing director of Strategic Planning, tells Marc Smith how the family has been successful so far and how it is planning to be so in the future

Every culture is linked to the family in some way, shape or form. The US has its founding fathers, Europe has its dynastic monarchies, while China has dabbled with allowing just one child per family in a bid to stem its expanding population. But the big daddy of them all is surely Saudi Arabia.

August 25, 2009

Katie Barker reports on the travails of two family-owned businesses whose lack of transparency has left more questions than answers and an upcoming lawsuit in New York

Katie Barker reports on the travails of two family-owned businesses whose lack of transparency has left more questions than answers and an upcoming lawsuit in New York

Ahmed Hamad Algosaibi and Brothers Company (AHAB), one of Saudi Arabia's oldest family-owned conglomerates, in July filed a lawsuit against Maan Al-Sanea (pictured), the head of another Saudi family company. The lawsuit accuses the billionaire leader of the Saad Group of having "misappropriated approximately $10 billion as a result of his frauds."

August 25, 2009

Ahmed Hamad Algosaibi and Brothers Company (AHAB), one of Saudi Arabia’s oldest family-owned conglomerates, has sued the Dubai-based Mashreq bank for not preventing a $9.2 billion “fraud” that AHAB claims has been committed against it.

Ahmed Hamad Algosaibi and Brothers Company (AHAB), one of Saudi Arabia's oldest family-owned conglomerates, has sued the Dubai-based Mashreq bank for not preventing a $9.2 billion "fraud" that AHAB claims has been committed against it.
 
The lawsuit was filed in New York yesterday and alleges the bank was "wilfully blind" to irregular currency swaps. The Saudi conglomerate is claiming the bank should have realised the profits were disproportionately high for the swaps being undertaken.
 

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